In our article, first published in the December 2020 edition of Butterworths Journal of International Banking and Financial Law, our payments regulation experts Mark Simpson, Julian Hui and Connie Faith highlight some of the additional questions and unintended consequences raised by Supercapital and argue that legislative intervention is required to update the PSRs safeguarding regime.
The Draft Law aims to replace it with a set of refreshed rules addressing the current challenges. We summarize the features of the Draft Law compared to the current regime.
On a high level, there remains a lot of uncertainty around the region – the means and spread of any economic recovery, and what structural changes it will bring in the longer term.
On 12 November 2020, the Ukrainian Parliament published a draft payment services law, that was prepared with the Ukrainian central bank (NBU). Among other things, the draft law would implement a regulatory framework for “open banking” similar to the EU’s PSD2 (Directive 2015/2366).
The UK Supreme Court has handed down judgment in the Financial Conduct Authority’s COVID-19 Business Interruption test case, providing much-needed clarity regarding the coverage generally afforded to businesses for their COVID-19 related financial losses.
Under both SEC and state rules, employee political contributions can create conflicts of interest for managers that market to public pension plan clients. Both the SEC and state regulators vigorously enforce these rules during and immediately after elections.